215 Overland Trl

Bridgeport, TX 76426

$189,990D+

4 bd · 2.0 ba · 1,475 sqft · Built 2024 · Manufactured · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,502/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-127/mo
• Annual: $-1,518/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.85%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $53,197

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (21.0% below list).
• It's been on market 126 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (21.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-0.8%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#472 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety D+, amenities F, commute F.
• Bridgeport ISD (rural): math 41% / reading 41% proficiency, ranked #356 of 826 in TX (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bridgeport El (523 students, 70% FRL); Bridgeport Middle (math 49% / reading 42%, grade D+, #470 of 1,662 statewide, top 29%, 455 students, 58% FRL); Bridgeport H S (math 42% / reading 47%, grade F, #652 of 1,632 statewide, top 43%, 633 students, 56% FRL).
• Market conditions: 482 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 460 units permitted in Wise County in 2024 (243 in 5+ unit buildings).
• Wise County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 3.5% in Bridgeport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 126 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.